Re: I think it’s time to move into crypto
Posted: Wed May 19, 2021 8:28 am
You can get a lot more crypto for your Fiat today
Permanent Portfolio Forum
https://gyroscopicinvesting.com/forum/
https://gyroscopicinvesting.com/forum/viewtopic.php?f=10&t=11903
What forms (coins, bars, pool acct, etf, etc) / storage options do you suggest? Or that you advise against.SomeDude wrote: ↑Sun May 16, 2021 7:53 pmGold, silver, platinum, and stocks. And a lil cash. Most stocks international or oil or mining. I still think gold and international stocks are undervalued so i keep buying. If they were overvalued by my metrics I'd consider some bonds but at these interest rates sheeesh.whatchamacallit wrote: ↑Sun May 16, 2021 5:30 pmNow that sounds interesting. Only 1-2% in fiat?
No cash or bonds? Just gold and stocks? Or also crypto?
100% physical and all shapes and sizes for silver up to 100 oz bars. If we get lucky and the price gets smashed again I'll buy a 1,000 oz bar.murphy_p_t wrote: ↑Wed May 19, 2021 8:38 amWhat forms (coins, bars, pool acct, etf, etc) / storage options do you suggest? Or that you advise against.SomeDude wrote: ↑Sun May 16, 2021 7:53 pmGold, silver, platinum, and stocks. And a lil cash. Most stocks international or oil or mining. I still think gold and international stocks are undervalued so i keep buying. If they were overvalued by my metrics I'd consider some bonds but at these interest rates sheeesh.whatchamacallit wrote: ↑Sun May 16, 2021 5:30 pmNow that sounds interesting. Only 1-2% in fiat?
No cash or bonds? Just gold and stocks? Or also crypto?
I sure hope no one knows or will determine where you live!SomeDude wrote: ↑Wed May 19, 2021 9:41 pm100% physical and all shapes and sizes for silver up to 100 oz bars. If we get lucky and the price gets smashed again I'll buy a 1,000 oz bar.murphy_p_t wrote: ↑Wed May 19, 2021 8:38 amWhat forms (coins, bars, pool acct, etf, etc) / storage options do you suggest? Or that you advise against.SomeDude wrote: ↑Sun May 16, 2021 7:53 pmGold, silver, platinum, and stocks. And a lil cash. Most stocks international or oil or mining. I still think gold and international stocks are undervalued so i keep buying. If they were overvalued by my metrics I'd consider some bonds but at these interest rates sheeesh.whatchamacallit wrote: ↑Sun May 16, 2021 5:30 pmNow that sounds interesting. Only 1-2% in fiat?
No cash or bonds? Just gold and stocks? Or also crypto?
Platinum is sovereign coins and swiss 1oz bars.
Gold is a few 1oz bars and tons of sovereign coins from all over. Mostly eagles and 1 oz but plenty of other stuff.
I have a thread on the storage topic i think. I'm definitely a fan of storing it yourself at home.
Crypto doesn't protect you either...as someone pointing a gun at your head could very easily convince you to send funds to another address.Hal wrote: ↑Thu May 20, 2021 5:39 pmCrypto diversification video
https://www.youtube.com/watch?v=abhPP_DeRSc
I think the definition of fiat money is of an item or record that has no intrinsic value, and is commonly accepted as a means of payment.doodle wrote: ↑Mon May 31, 2021 8:48 amSo as I have been playing around in the crypto space I am starting to be less and less impressed. Speeds are just not competitive with banking system...and it's wonkiness is terryfying at times. Sending substantial sums of money that doesn't arrive for a half hour with no one to call or recourse at all.
This older article in the guardian argues that the hype around block chain is misplaced.
https://www.theguardian.com/business/2 ... ipe-dream
The Justice Department said on Monday that it had recovered much of the ransom paid to hackers last month who shut down the computer systems of Colonial Pipeline, a critical pipeline operator.
The seizure on Monday marked a first-of-its-kind effort by a new Justice Department task force to hijack a cybercriminal group’s profits through a hack of its Bitcoin wallet. The Justice Department said that it had seized 63.7 Bitcoins, currently valued at about $2.3 million. (The value of a Bitcoin has dropped over the past month.)
“Earlier today, the Department of Justice has found and recaptured the majority of the ransom Colonial paid to the DarkSide network,” the deputy attorney general, Lisa O. Monaco, said at a news conference Monday.
link
Kriegsspiel wrote: ↑Mon Jun 07, 2021 7:35 pmLOL WHAT
The Justice Department said on Monday that it had recovered much of the ransom paid to hackers last month who shut down the computer systems of Colonial Pipeline, a critical pipeline operator.
The seizure on Monday marked a first-of-its-kind effort by a new Justice Department task force to hijack a cybercriminal group’s profits through a hack of its Bitcoin wallet. The Justice Department said that it had seized 63.7 Bitcoins, currently valued at about $2.3 million. (The value of a Bitcoin has dropped over the past month.)
“Earlier today, the Department of Justice has found and recaptured the majority of the ransom Colonial paid to the DarkSide network,” the deputy attorney general, Lisa O. Monaco, said at a news conference Monday.
link
Perhaps the whole thing was an inside job and/or false flag operation. Or it could just be an incredibly stupid move by people supposedly smart enough to know how to hack into a critical pipeline operator.Kriegsspiel wrote: ↑Mon Jun 07, 2021 7:35 pmLOL WHAT
The Justice Department said on Monday that it had recovered much of the ransom paid to hackers last month who shut down the computer systems of Colonial Pipeline, a critical pipeline operator.
The seizure on Monday marked a first-of-its-kind effort by a new Justice Department task force to hijack a cybercriminal group’s profits through a hack of its Bitcoin wallet. The Justice Department said that it had seized 63.7 Bitcoins, currently valued at about $2.3 million. (The value of a Bitcoin has dropped over the past month.)
“Earlier today, the Department of Justice has found and recaptured the majority of the ransom Colonial paid to the DarkSide network,” the deputy attorney general, Lisa O. Monaco, said at a news conference Monday.
link
I am not bothered by the intrinsic value or lack thereof. My original comment on it was just a joking reference.vincent_c wrote: ↑Tue Jun 08, 2021 8:23 amSay all the gold in the world was mined and sold. Supply of gold only coming from people who choose to sell gold and vice versa. Does intrinsic value say that gold cannot have an arbitrary price because the market has to price it relative to competing goods and services?I Shrugged wrote: ↑Sun Jun 06, 2021 6:47 pmI can see that say a Bitcoin has intrinsic value because it takes a lot of energy to produce it. Just as it takes work to produce gold.
For example, if the price of silver goes up and drives up silver jewelry and we make an assumption that people always will pay more for gold vs silver jewelry. There is a wide range of potential applications for gold that places a floor on price relative to other commodities.
Now if all bitcoin were mined, what can we compare it to? If it were used as payments we could compare it against the costs of alternatives but even if we assume bitcoin is a competitive form of payments (the coin itself perhaps not, but the blockchain can be), the cost for payment alternatives can quickly approach zero.
Bitcoin would have to have a globally recognized superiority over another commodity in order to have what might be called “intrinsic value”. I’m not sure it has that since it is positioned against gold and it’s possible gold is even a superior asset in some ways.
Am I missing anything that might give bitcoin that relative value?
What would the point of the false flag have been? As far as I can tell, this pipeline shutting down for a few days just shows how much we lost out when Biden cancelled Keystone XL.flyingpylon wrote: ↑Tue Jun 08, 2021 10:29 amPerhaps the whole thing was an inside job and/or false flag operation. Or it could just be an incredibly stupid move by people supposedly smart enough to know how to hack into a critical pipeline operator.
It's just an new class of speculative asset. There is a list of marketing features. Anonymity is only one. There is the presumed (eventually) finite supply. It capitalizes on the ever present fear that the USD is on the verge of collapse. Right now, the risk of increased inflation is another feature. It is very appealing to those that live with a demarcation in their minds between that which is old and traditional, and that which is new and leading edge. I fail to see where the energy consumed in the mining process translates to stored value.I Shrugged wrote: ↑Tue Jun 08, 2021 1:41 pmI am not bothered by the intrinsic value or lack thereof. My original comment on it was just a joking reference.vincent_c wrote: ↑Tue Jun 08, 2021 8:23 amSay all the gold in the world was mined and sold. Supply of gold only coming from people who choose to sell gold and vice versa. Does intrinsic value say that gold cannot have an arbitrary price because the market has to price it relative to competing goods and services?I Shrugged wrote: ↑Sun Jun 06, 2021 6:47 pmI can see that say a Bitcoin has intrinsic value because it takes a lot of energy to produce it. Just as it takes work to produce gold.
For example, if the price of silver goes up and drives up silver jewelry and we make an assumption that people always will pay more for gold vs silver jewelry. There is a wide range of potential applications for gold that places a floor on price relative to other commodities.
Now if all bitcoin were mined, what can we compare it to? If it were used as payments we could compare it against the costs of alternatives but even if we assume bitcoin is a competitive form of payments (the coin itself perhaps not, but the blockchain can be), the cost for payment alternatives can quickly approach zero.
Bitcoin would have to have a globally recognized superiority over another commodity in order to have what might be called “intrinsic value”. I’m not sure it has that since it is positioned against gold and it’s possible gold is even a superior asset in some ways.
Am I missing anything that might give bitcoin that relative value?
The most interesting question to me is, what gives bitcoin its high value? Sure there is relative scarcity. But what is the unique selling proposition? It has to be the anonymity (admittedly using that term broadly so we don't have to go down the anonymous/pseudonymous hole). If bitcoin was just a way to use blockchain and the transaction parties were completely known to any government, I don't think people would be paying $36,000 for one. In other words, while the blockchain may be elegant, it's not adding value anywhere near what people are paying for crypto. Or so it seems to me. No one can say for certain why bitcoin's price is what it is, but that's my present belief.
https://www.coinbase.com/join/plsrboglerdude wrote: ↑Wed Jun 09, 2021 5:54 amhttps://www.reddit.com/r/ethereum/comme ... _currency/
well, alright. I'll get ETH and a sprinkling of Monero, ALGO and Cardano.
Anyone got a coinbase referral link
I figured it was more pyramid than ponzi since there isn't a single asset manager.